Nanking, Feb. 28, Reminiscent of those days Peking which followed the remo night to be a'centre of politics and the Capital, Nanking ceased overfs facing an acute economic depression. Business la at a. standstill there is practically no circulation of money. The situation is being aggravated daily by continued interruption of communications with, [Shanghai and unsettled conditions fereated by the Sino-Japanese conflict. The banks remain open but no deals are being transacted and the settlement which should have taken place before the China New Year had to be postponed to the and of February, but prevailing conditions necessitate further post onement indefinite! as their tenants, thrown out of employnient or their salaries having been drastically reduced as a result of the govern-Iment's economic retrenchment policy, refused to pay. The authorities have issued an order that effective immediately "house rents shall be Jeut down by 50 per cent. and hotel fees 60 per <cent. to lessen—the financial burdens of the salary situation is serious and is getting more and more acute everyday ax chaos con-inves in Shanghai 'A prominent local banker remark fed. If the present state of affairs: [should go on for another few more months, many shops and native! banks will be Sankrupt. The. proerty class will be wiped out, The wealthy people are being made poor and the poor becoming poorer.
The barometer of "economic. prosperity here will continue register ting sharp falls as tin employment increases asia result of the govern-tment's retrerfchment " programme Jand as the Sino-Japanese fighting continues to play havoc with business at Shanghal—United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.